Far East Organization’s third SOHO development and the first dedicated business SOHO under the brand, PS100, has sold all of its 100 strata office units in just one weekend at average prices of S$3,000 per sq ft.
Located at the fast transforming Tanjong Pagar precinct of the Central Business District, the limited edition PS100 is part of an integrated hotel-office development, occupying levels seven to 11 of Oasia Downtown, a 27-storey business hotel and the latest addition to Far East Organization’s S$4 billion hospitality portfolio.
Singaporeans and permanent residents (PRs) made up 60 percent of the buyers, while corporate buyers account for another 20 percent. The majority of buyers are entrepreneurs and businessmen from various businesses such as shipping/logistics, investment, trading, business consultancy, and professional services.
According to Mr Chia Boon Kuah, Chief Operating Officer of Property Sales, Far East Organization, investors and owner-occupiers recognise that securing the right work space is an important investment for any business. He said: “Singapore’s urban, entertainment and business landscape is fast evolving in this digital age, and each level of sophistication calls for developers to up the ante by anticipating modern trends, new motivations and future population needs with sensible yet innovative concepts. PS100 exemplifies this vision. As a Business SOHO, PS100 challenges many conventional aspects of office space and architecture, but it is ultimately designed to nurture creative work styles, provide an intelligent and inspiring work environment and to pave the way for smart and cost effective business-making.”
Each PS100 small format office unit measures approximately 500 sq ft and is equipped with lofty floor-to-floor 5-metre high ceilings, a platform measuring 53.8 sq ft, a kitchenette, private attached bathroom and dedicated air-conditioning unit.
A recent Colliers International study highlighted the growing investment and end-user appeal of such strata-titled office spaces popular for their small format office units, and value-added features such as high ceiling heights, due to their relative scarcity. It noted that strata-titled office developments were generally observed to enjoy higher occupancy rates compared to all office space across Singapore. A gauge on occupancy levels of such office spaces located in the Central Area was estimated at 91.7 percent as of February 2012. By virtue of their smaller sizes, this category of office spaces lowers the price quantum buyers would have to commit to.
“With Tanjong Pagar designated as Singapore’s next waterfront city as large as Marina Bay, and a vibrant commercial and residential hub, PS100’s address places it in an enviable position as an inroad to Singapore’s top tier business community. The strong response from the market underscores PS100’s value proposition among today’s new-age entrepreneur and SME audience. At the end of the day, people seek fulfilling experiences not just at home, but also at work,” added Mr Chia.
The development is located within close proximity to Singapore’s central business core and the world-class entertainment and lifestyle hubs of Marina Bay Downtown, Orchard Road, and Sentosa. With Tanjong Pagar MRT station at its doorstep, PS100 is a few stops away from Raffles Place, Outram Park, Clarke Quay, Raffles City Shopping Centre and Vivocity. Retail amenities at Icon Village, The Amara, Tanjong Pagar Plaza, International Plaza and Maxwell Food Centre are also a stone’s throw away.
Against a landscape of modern buildings clothed in glass and steel, PS100/Oasia Downtown will take on a cloak of green, dressed in lush “growing” vertical landscapes. Architect WOHA, well-known for its work in tropical locations and on high-rise apartments that have been described as innovative, sustainable and “green”, was engaged to bring PS100’s unique green “living” façade and concept to life.
Oasia Downtown will also feature the work of famed award winning Spanish interior designer Patricia Urquiola. The hotel offers comprehensive facilities and recreational amenities such as a spa, gym, and sky garden on Level 6; and a roof top bar on Level 27 offering 360 degree views of the city skyline.
Estimated TOP for PS100/Oasia Downtown is at the end of 2014.
Source : PropertyGuru – 5 Mar 2012